I am holding Federal Bank bought at Rs 83, considering it to be a reversal. What to do now? - Vibhav Agarwal
AVERAGE FEDERAL BANK ON CLOSE ABOVE RS 74
Federal Bank is currently trading at Rs 71.50. Its 52-week high/low stand at Rs 127.75/Rs 67.05 made on October 17, 2017 and October 4, 2018, respectively. The stock has been trading in a downward sloping channel pattern since the end of August 2017. Recently, the stock took support near its lower channel line and hit a double bottom at Rs 67.05. Thereafter, the stock has seen gradual upside and has broken its immediate resistance at Rs 74 level. Meanwhile, the stock also broke its downward sloping trendline breakout within the channel. So, we suggest you to average on close above Rs 74.